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Morning Commentary: Preferreds remain firm, though liquidity tightens; SunTrust frees; Qwest lists
By Stephanie N. Rotondo
Seattle, April 28 – The preferred stock market continued to ease higher in early Friday trading.
The Wells Fargo Hybrid and Preferred Securities index was up 2 basis points at mid-morning. The U.S. iShares Preferred Stock ETF was up 5 bps.
A trader noted that volume was rather light, though he also pointed out that there was a glitch with the feeds for the over-the-counter and pink sheet exchanges. As such, issues like Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS), among others, were “halted and unquotable.”
Additionally, the Women’s Syndicate Association’s annual spring reception was Thursday night, which tends to result in empty desks the following day, the trader remarked.
As for the week’s new issues, SunTrust Bank Inc.’s $750 million of 5.05% $1,000-par series G fixed-to-floating rate noncumulative preferreds were seen in a 100.125 to 100.375 context.
The issue priced Thursday and freed in early trading on Friday.
Meanwhile, NuStar Energy LP’s $350 million of 7.625% series B fixed-to-floating rate cumulative redeemable preferred units – a deal priced Tuesday – were quoted at $25.30 bid, $25.35 offered.
That issue has a temporary trading symbol, “NUSRP.”
And speaking of trading symbols, Qwest Corp.’s $575 million of 6.75% $25-par notes due 2057 officially landed on the New York Stock Exchange on Friday, trading under “CTDD.”
The notes were trading at $24.95 in early dealings, up a penny.
The deal came April 18, in line with price talk, but upsized from $250 million.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets and Wells Fargo Securities LLC were the joint bookrunners.
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